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Blackburn marketing magnate to remain on board after takeover
7:00pm Wednesday 4th December 2013 in News
A MARKETING magnate is to remain on board a successful Blackburn firm following a £3.8million management buyout.
Ownership of Blackburn-based Granby Marketing Services will now pass from Stephen Bentley and see managing director Joanne Varey become majority shareholder.
Mr Bentley, who had owned Granby outright since acquiring it from the Omnicom Corporation, will become chairman and remain a minority shareholder.
Craig Parsons, IT director at Granby, will also become a minority shareholder in the business.
Granby provides services such as direct marketing, e-commerce fulfilment, and warehousing and distribution to a blue chip client base which includes Sainsbury’s, England and Wales Cricket Board, the Department for Education and The Information Commissioner’s Office.
The company is based in Blackburn and employs over 100 people.
It was aquired by Mr Bentley, a former Burnley Grammar School pupil, 13 years ago.
The businessman had joined Elgin Manufacturing, which had bases in Burnley and Brierfield, straight from school, working alongside 200 women in the knicker factory. After nine years he was headhunted to work for William Baird Group plc before setting up his own consultancy firm. His next move was buying Granby.
Joanne Varey said: “This feels like a natural step for the business to ensure we are evolving and maintaining our position as a market leader. It’s a fantastic opportunity for us to continue building on the growth and success Granby has undergone in recent years.
“Most importantly, it enables us to ensure we’re still delivering a seamless experience and offering to our existing client base, whilst also giving us the tools and capabilities to seek new revenue prospects.”
Enterprise Ventures provided £1.35million from its EV Growth fund to support the buy-out, with the incumbent bank NatWest providing £600k term debt alongside a £500k working capital facility from RBS Invoice Finance, and the remainder coming from investment by directors.
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